Cloud Based Video Streaming Market Size, Share, Growth, and Industry Analysis, By Type(Public Cloud, Private Cloud, Hybrid Cloud and Others), By Application(Broadcasters Operators and Media, Education, Healthcare, Government and Others), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Cloud Based Video Streaming Market REPORT OVERVIEW

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The global cloud based video streaming market size was USD 14420 million in 2022 and is projected to touch USD 61164 million by 2031, at a CAGR of 17.4% from 2022 to 2031.

Video streaming, often known as media streaming, is the practise of delivering compressed video content over the internet for immediate viewing rather than being kept on the device's hard drive. The term "streaming" refers to listening to music or watching a film in real time as opposed to first downloading it to the device and then watching it. Typically, streaming videos are only a compressed version of a previously recorded video clip that can be sent to many viewers at once. The video streaming services can be used by any device with internet access and apps that can decode the contents.

COVID-19 Impact: The Pandemic Multiplied the Users and Escalated the Market Growth

Due to the COVID-19 outbreak, the demand for cloud based video streaming market growth increased exponentially due to factors like rising smartphone adoption, widespread high internet penetration, rising use of artificial intelligence in video streaming, and rising viewership as people stayed inside due to lockdown restrictions. During this time, OTT platforms and streaming services like Netflix, Amazon Prime Video, Disney+, and others experienced a meteoric rise in popularity. Millions of people use live video streaming as a kind of entertainment. A few other factors contributing to the market's expansion include the education sector's expanding the cloud based video streaming market share for delivering lectures and distance learning.

LATEST TRENDS

"The Technological Advancements and Stronger Connectivity to Boost the Market Growth "

Leading industry players are also enhancing video quality with blockchain, machine learning, and artificial intelligence (AI) technology. These technological advancements make it simpler to do things like cinematography, video editing, voice-overs, writing screenplays, and other aspects of creating and publishing videos. They also facilitate data distribution, encoding, and organising, which simplifies the digital world. Both of these factors—in addition to the growing acceptability of cloud-based solutions—are producing a favourable market prognosis.

The growing usage of video streaming services by businesses for training and consultation is another factor contributing to this expansion. The need for video streaming for workplace customers is anticipated to increase as a result of technological developments including better video codecs, web-based real-time communication, captioning, indexing, and transcoding and aggregation. Additionally, the technology enhances the effectiveness of communication within a company through features like on-demand video and flexibility for distant workers.

Cloud Based Video Streaming Market SEGMENTATION

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• By Type

Based on type, the cloud based video streaming market is classified into public cloud, private cloud, hybrid cloud and other.

• By Application

Based on application, the cloud based video streaming market is classified into broadcasters operators and media, education, healthcare, government and others.

DRIVING FACTORS

"Increasing Utilization of Smartphones and Tablets Coupled with Internet to Boost the market"

The growing use of the internet and the increase in mobile phone sales are two of the primary factors favouring the sector. The demand for cloud based video streaming services in colleges, universities, and other institutions around the world has also increased noticeably. Its benefits, which include enhanced learning processes through visual webinar and course recordings, may be to blame for this. Additionally, businesses make great use of live streaming as a way to market their products and services, strengthen their brands, and enhance customer contact. It also serves a variety of purposes in court cases, mandated sessions, town hall meetings, business conferences, and staff training.

"The Consumer Expenditure on Media and Entertainment will Strengthen the Market  "

The growth of the market for video streaming is aided by the increased demand for video on demand (VoD) streaming services. More individuals use video on demand services globally as a result of increased consumer spending on media and entertainment, which promotes corporate growth. With about 51% of the market, the consumer segment had the greatest revenue share in 2021. This is a result of more people using live streaming and video on demand services in the media and entertainment industry. Because watching videos remotely is so convenient, the consumer segment is expected to expand. The segment is anticipated to develop as more people subscribe to mobile services and as linked gadgets, notably smartphones, become more popular.

RESTRAINING FACTORS

Growing Threat of Cloud Content Security and Privacy can Hamper the Market Demand

There is a risk of viruses and cyberattacks with the rising use of video streaming technologies. A proof-of-concept threat claims that thieves acquire legitimate login credentials from hundreds of subscription-based OTT services and then resell them online for a lower price. There is frequently the exchange of powerful, virus-infected links across websites that have the ability to reveal sensitive information to nefarious hackers. However, the restraining factor data breach and filthy stealing of content is projected to limit the cloud based video streaming market growth in the forecasted period.

Cloud Based Video Streaming Market REGIONAL INSIGHTS

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North American Region Gauge for the Huge Revenue Share in the Market

The market for online video streaming, which now accounts for the majority of North American consumption, is predicted to increase at a rate of over 19% CAGR over the forecasted period. The number of people using IPTV, SVOD, OTT platforms, and video streaming services like Netflix, Amazon Prime Video, Hulu, Apple TV+, and others increased significantly in the United States. The United States has an advantage over other popular areas because the major video streaming platforms are headquartered here. 92% of people had access to computers of some kind, and 85% had broadband internet subscriptions. 78% of homes had a desktop or laptop, while 84% of households had smartphones. A favourable environment for the expansion of the video streaming market in the USA has been created by the high internet, smartphone, and modern computer penetration rates. 

KEY INDUSTRY PLAYERS

"Notable Players contributing towards the market"

The Top notch players of the cloud based video streaming market are implementing and applying varied front end and back end strategies  to exceed and expand their market and platforms globally.

List of Market Players Profiled

• A-Frame (U.K.)
• Amazon Web Services (U.S.A)
• Encoding (U.S.A)
• Forbidden Technologies (U.K.)
• Haivision Hyperstream (U.S.A)
• Microsoft Azure (U.S.A)
• Mixmoov (France)
• Akamai Technologies (U.S.A)
• Sorenson Media (U.S.A)
• Vimeo (U.S.A).

INDUSTRY DEVELPEMENT

• July 2021: Netflix released video games as part of a push beyond movies and TV. It aided the business in making its first significant step outside of movies and TV shows, with plans to enter the video gaming market.
• May 2021: Amazon has started offering free videos on its shopping app. MiniTV, a free, ad-supported video streaming service accessible through the Amazon shopping app, was introduced by the firm.

REPORT COVERAGE

The report is an analysis of all market aspects for the forecast period. It also shows the evaluation of opportunities, trends, market share, product innovations, technology innovations, driving factors, restraints and others that contribute towards the market growth of the  cloud based video streaming service.